DVD and Videogame rental chain Blockbuster is set to go into administration for the second time this year, according to its current owner, placing some 2,000 jobs at risk.
The rental retailer first entered administration in January but were saved by Gordon Brothers Europe, a private equity firm, in March. Now, the nationwide firm finds itself in administration again.
Since going into administration earlier this month, HMV has been very quiet on the social media front, up until Thursday, January 31st, 2013.
Tweets made from the HMV Twitter account by what appears to be an employee losing their job, used the hashtag “#hmvXFactorFiring” to describe how “over 60” employees “who love the brand” were being fired.
However, the tweets were quickly deleted shortly after they were posted.
You can stop worrying about that VHS copy of the Mortal Kombat film you forgot to return to Blockbuster in the late 90’s — the DVD rental firm has joined the likes of HMV and Jessops, announcing that it too is set to enter administration.
The chain, which has over 500 UK stores employing some 4,000 staff, has appointed Deloitte to handle the business whilst a new buyer is sought.
Fledgling UK retailer GAME has been given a fresh start thanks to private equity firm OpCapita agreeing a deal that will see the videogame retailer remain in business.
The OpCapita deal will see 333 GAME stores and over 3,000 jobs saved. As it stands no further store closures or job losses are expected following last weeks announcements.
The GAME Group entered into administration Monday after reports confirmed that the troubled retailer failed to find a buyer.
Speculation over the past weekend hinted that the group, owner of the GAME and Gamestation brands, could be saved by state-owned Royal Bank of Scotland (RBS). However, appointed administrators PricewaterhouseCoopers (PwC), released a statement Monday confirming the retailer was now in administration.
UPDATE: As suggested in Tuesday’s MCV report the GAME group has now been suspended from the London Stock Exchange, and has entered into administration. Game posted a statement on their corporate website reading:
Further to the announcements of 12 March 2012 and 14 March 2012, the board of GAME has assessed the status of the ongoing and regular discussions between GAME and its lending banks and between its lending banks and a potential third party provider of finance to the business.
The Board now considers itself to be unable to assess the business’s financial position, and is of the opinion that there is no equity value left in the Group. Therefore the Company has requested that the listing of its securities on the Main Market of London Stock Exchange plc be suspended from trading with effect from 7:30am today.
The Company will provide a further update in due course.
A report has suggested that the GAME group will enter administration this week with a view to restructure as a new company, without the Gamestation brand.
MCV’s account details that the troubled retailer is supposedly planning to voluntarily enter into administration procedures this week, resulting in the GAME group being removed from the London Stock Exchange. According to MCV following the administration process a new company would then be formed, funded by the firms current lenders. However, this new company would lack GAME’s many international locations and Gamestation stores.